400 sats \ 7 replies \ @gnilma 10 May 2023
Can we stop shilling this wallet? It’s custodial, full of rug pull risk, and I think it will not end well for both WoS or the users of WoS. Even if the WoS team means well and want the best for bitcoin, I don’t think it’s good for bitcoin to make a custodial wallet popular for on boarding. It promotes the old ways of fiat banking, does not emphasize personal responsibility, and don’t even get me started on government capture risk…
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353 sats \ 5 replies \ @jk_14 10 May 2023
Most of newcomers will use of custodial LN wallets. (like it or not ;)
And that's the proof why:
"Brian Armstrong, CEO of cryptocurrency exchange Coinbase, said that his company holds around 2 million bitcoin worth $39.9 billion as of September 30, 2022"
And all this above - regardless of endless warnings: "Not your keys, not your Bitcoin."
Don't think that tilting at such windmills - is the biggest issue to solve and try to fixing it will be in any way successful. Of course will not - just due to human nature.
You can change human nature only a bit.
And only by greed or by fear. Period.
That's why is better to have decent custodial wallet than to have not.
All you can do is educate newbies to migrate to non-custodial wallet when they are ready
(e.g. to invest in $20 fee in the times like this ;)
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321 sats \ 1 reply \ @gnilma 10 May 2023
No, I don’t like it. At the same time, I understand what you’re saying is true and there is indeed little I can do to change this fact. But that does not mean I will stop acting like an old man yelling at the clouds. I will continue to try to shit on custodial wallets, and I will keep encouraging self custody solutions.
Just because I can’t change everyone’s mind doesn’t mean I can’t change someone’s mind. If my rants can get just one person to ditch a custodial wallet for a self custody wallet, it would be well worth all the time and effort typing up these rants.
One orange pill at a time; one person at a time.
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0 sats \ 0 replies \ @jk_14 10 May 2023
This is the way :)
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100 sats \ 2 replies \ @kenn_b 10 May 2023
Yes, couldn't have said it better. Custodial will always be the first step, because it is easy. Then when user is more experienced, they hopefully switch down the line.
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121 sats \ 1 reply \ @gnilma 10 May 2023
I disagree. When someone starts on the wrong path, it’s much harder to bring them back onto the right path due to momentum and human’s tendency to not want to change.
Self custody can be easy too, as long as proper tools are built and proper education is conveyed. Each and every person that I have orange pilled (not that many, but I’m trying…) always started with self custody wallets.
My thinking is, when it comes to orange pilling / pushing for adoption, either push for self custody or don’t do it at all.
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42 sats \ 0 replies \ @dtonon 10 May 2023
Maybe use a not custodial wallet like OBW / Blixt that offers also custodial channels is the best option. The user can move to self sovereign mode without switching and learning a new app. This could also be a single tap function with a nice automation when the modest inbound liquidity is near full. Win - Win.
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0 sats \ 0 replies \ @energycurrency 10 May 2023
deleted by author
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334 sats \ 6 replies \ @TheBTCManual 10 May 2023
Would help if they allowed users to connect their BOLT card to WOS and just complete the circle
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108 sats \ 4 replies \ @jk_14 10 May 2023
imo, two smartphones with LN wallets should have possiblity to transfer sats with NFC,
where payer only need click on OK button confimation, after NFC touch,
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25 sats \ 3 replies \ @TheBTCManual 10 May 2023
Lol you've got a point there, but if you have a smartphone you probably have a camera so you can scan a QR but yeah i feel you
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25 sats \ 2 replies \ @jk_14 10 May 2023
scanning QR code is hassle af, especially for such Average Joe - who utilizes plain NFC payments intensively
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25 sats \ 1 reply \ @TheBTCManual 10 May 2023
If its a pain for you its a pain for scammers and thieves too :)
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25 sats \ 0 replies \ @jk_14 10 May 2023
the same like today with plain NFC payment - when smartphone is locked, no reaction to NFC
and scammers usually cannot click on your unlocked smartphone screen to confirm the transaction
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25 sats \ 0 replies \ @r0b 11 May 2023
Try boltcardwallet.com
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243 sats \ 4 replies \ @0252629714 10 May 2023
How do I prevent my employee from transferring funds to their own wallet?
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108 sats \ 0 replies \ @jk_14 10 May 2023
withdraw on daily basis
and you will see too much withdrawals in payment history
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25 sats \ 0 replies \ @pretyflaco 12 May 2023
You can use Blink. The cash register can only receive sats and can be shared with employees. It's designed specifically for this use case. https://blink.sv
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25 sats \ 0 replies \ @kevkevin 10 May 2023
I would watch the validation lightning signer project, have your keys sperate from your node and also policy checks like max withdrawal and such
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25 sats \ 0 replies \ @sime 10 May 2023
I ask this too. But this problem has been around forever at least with cash.
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121 sats \ 0 replies \ @felixduhaut 10 May 2023
Wallet of satoshi is great for newcomers. I am worried about government capture risk however (where are their servers located??) Since they may be required to onboard using kyc when/if that happens. I mean good for them holding out as long as they can, but as they grow they really need to start thinking of their local government stepping in. That's the risk with all custodial wallets.....
Still love the app, now add a non custodial storage option!!
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54 sats \ 0 replies \ @2bithits 10 May 2023
Can it make invoices in sats?
For example if you only accept bitcoin then you might price your product as 10k sats
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